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Financial Corporation "Sistema"

December 6, 2007

Sistema-Hals to build second "Gorki-8" development on Rublevka

Moscow, Russia - 6 December 2007 - Sistema-Hals, a leading diversified company in the Russian and CIS real estate market, today announced the launch of the second phase in construction of a mega villa community , situated between two other Sistema-Hals developments (Landschaft and Gorki-8). The development is located on the Rublevo-Uspenskoye Highway (10-17 km from the MKAD ring road), on an area obtained by Gorki-8 Ltd. (a subsidiary of Sistema-Hals) totalling 61 hectares.

The site is located alongside the functioning Gorki-8 development, which was acquired by Sistema-Hals in September 2007. The infrastructure capacity already in place - including a medical clinic, branch of the pharmacy chain 36.6, branch of the Perekrestok supermarket chain, bakery, branch of Sberbank, facilities management, dry-cleaning service, engineering department - is sufficiently extensive to provide for the second development phase as well.

"Sistema-Hals has extensive experience in developing property in areas outside towns. The plot near the Rublevo-Uspenskoye highway is situated in a prestigious part of the countryside surrounding Moscow. The acquired land is next to the existing villa community of Gorki-8, which has its own developed infrastructure. The new estate will be a logical extension and addition to Gorki-8. Complex development will allow setting up a new residential centre of attraction in the Rublevka district," stated Felix Evtushenkov, President, Sistema-Hals.

"The concept underlying the project is to link the first and second phases of the Gorki-8 project, creating a mega villa community with a jointly developed infrastructure," says lawyer Dmitry Yakubovsky, Chairman of the Board of Directors, Gorki-8 Ltd. "The new development will also be provided with a private hospital and educational facility".

Sistema-Hals intends to commence the sale of plots of land between 2,000 and 5,000 square meters and townhouses. The beginning of the sales is expected in the second half of 2008. The project is expected to be completed in 2010.

Project documentation has been done, permission to construct for the site has been obtained, and the technical requirements for electricity and gas have been met. Gorki-8 Ltd. has already started work on site infrastructure communications and building internal roads. The development of access and communal areas is also planned.

Sistema-Hals has issued a commercial paper worth RUB 3,781,000,000 to finance the purchase of the land.




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